Alfredo De Massis
Alfredo De Massis and Paola Rovelli
Innovation is widely recognized as a key asset for firms, positively affecting performance, growth, long-term value creation, and competitive advantage. When studying innovation, scholars usually focus on large and listed firms, while relatively limited knowledge exists on innovation in family firms and small and medium-sized enterprises (SMEs). However, these are the most ubiquitous forms of business organization around the world and overlooking their distinctive features may limit current understanding about innovation. In this chapter, we highlight relevant research avenues and unaddressed questions for future research on innovation in family firms and SMEs. In so doing, we outline a future research agenda that will hopefully guide future scholars interested in innovation in the context of family firms and SMEs.
Lucio Cassia, Alfredo De Massis and Tommaso Minola
Moritz Feninger, Nadine Kammerlander and Alfredo De Massis
Family firm innovation has become a topic of vibrant scholarly debate. In this chapter, the authors first briefly outline recent developments in this research stream. They then propose a circular process model of family firm innovation, linking it to extant knowledge on family firm innovation and potential future research streams. This model includes new elements, such as feedback loops, initial and final decisions, stakeholder feedback, a learning and adaptation process, a family-centered non-economic goals paddlewheel, and influencing factors, with details on the input and output phases. Drawing on this model, the chapter uncovers some important research gaps and trends that future studies in this field should seek to fill. In particular, the authors point to important and current trends in innovation, including digitalization, agile management, cyber-security, and their implications for family firms and family firm research.